In our continuation of Nigeria’ state government allocations received from the Federal Accounts Allocation Committee, FAAC, we present a detailed analysis of the State of Osun.
In June 2024, the Federal Account Allocation Committee (FAAC) credited the treasury of Osun State Government with ₦7.14 billion for the state and ₦8.06 billion for its thirty Local Government Areas (LGAs).
For the LGAs, Ife East was allocated the largest share of ₦322.79 million, followed by Iwo with ₦317.84 million and Odo-Otin with ₦310.13 million.
The smallest allocation of ₦216.18 million was for Ifedayo LGA.
This represents a significant increase from the previous year: the State’s allocation rose by 59.3%, from ₦51.55 billion to ₦82.12 billion, and the LGAs’ allocation increased by 35.4%, from ₦64.9 billion to ₦87.9 billion between June 2023 and May 2024.
Despite these revenue increases, the State Government, amongst many other developmental shortfalls, failed to provide the necessary matching funds to access the Universal Basic Education Commission’s (UBEC) 2023 grant of ₦1.4 billion, intended to enhance basic education for the state’s youths.
A recent Supreme Court ruling on Local Government Autonomy has shifted the financial oversight significantly.
The state governor, who previously had full access to both the state and LGAs’ FAAC allocations and is protected from financial scrutiny by constitutional immunity, will now only have access to the state’s part of the fund which is less than 48% of the pie. The local government administrators will henceforth directly receive and subsequently be responsible for their LGAs allocated funds.
The responsibility for ensuring that development reaches the grassroots now falls on Local Government Administrators, who are not shielded by constitutional immunity.
This change highlights a crucial shift in financial oversight.
To achieve meaningful development in infrastructure and human capital, it is imperative for the residents of Osun State to demand greater accountability and financial probity from both the governor and the local government administrators.
To #EndBadGovernance, let’s ask our governors and local government administrator: #WhereIsOurMoney?
For further details on FAAC allocations to other states and local governments, please visit here.
